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State aid

Swap rate proxies for the purpose of the SGEI Decision and SGEI Framework

Both the SGEI Decision and the SGEI Framework refer to swap rates in the context of reasonable profit (Article 5(7) of the SGEI Decision and paragraphs 36 and 38 of the SGEI Framework). The Commission has committed to provide an online instrument for public authorities to easily determine the relevant swap rates. The grids below contain these swap rates for the indicated time periods. The following note provides a technical explanation of the calculation of the swap rates.

To calculate the safe-harbour profit benchmark a premium of 100 bps has to be added to the relevant swap rate.

The swap rates in the grid below to be valid from 01.01.2019 to 30.06.2019

The swap rates in the grid below to be valid from 01.07.2018 to 31.12.2018

The swap rates in the grid below to be valid from 01.01.2018 to 30.06.2018

The swap rates in the grid below to be valid from 1.7.2017 to 31.12.2017

Source: Own calculations, based on data provided by Bloomberg
Swap rates are based on average of daily observations (px_mid) from 01.03.2017 to 31.05.2017 excluding non-trading days
For HRK, data are provided by Capital IQ as daily observations of last sale from 01.03.2017 to 31.05.2017

The swap rates in the grid below to be valid from 1.1.2017 to 30.6.2017

Source: Own calculations, based on data provided by Bloomberg
Swap rates are based on average of daily observations (px_mid) from 01.09.2016 to 30.11.2016 excluding non-trading days

The swap rates in the grid below to be valid from 1.7.2016 to 31.12.2016

Source: Own calculations, based on data provided by Bloomberg
Swap rates are based on average of daily observations (px_mid) from 01.03.2016 to 31.05.2016 excluding non-trading days
For HRK, data are provided by Capital IQ as daily observations of last sale from 01.03.2016 to 31.05.2016

The swap rates in the grid below to be valid from 1.1.2016 to 30.06.2016

The swap rates in the grid below to be valid from 1.7.2015 to 31.12.2015

Source: Own calculations, based on data provided by Bloomberg

The swap rates in the grid below to be valid from 1.1.2015 to 30.6.2015

Lithuania joins the Eurozone as from 1.1.2015

Source: Own calculations, based on data provided by Bloomberg

The swap rates in the grid below are valid from 1 July 2014 to 31 December 2014.

Source: Own calculations, based on data provided by Bloomberg

The swap rates in the grid below were valid from 1 January to 30 June 2014.

*Latvia joined the Eurozone on 1.1.2014

Source: Own calculations, based on data provided by Bloomberg

The swap rates in the grid below are valid from 1 July to 31 December 2013.